Wood extends principal bank debt facility
Energy service giant Wood, of Aberdeen, has extended its revolving credit facility to May 2023.
Markets
More Scots companies should consider AIM listing, says capital markets expert
Scottish telecoms technology company Calnex Solutions today confirmed its £42m listing on London’s AIM market – the first Scottish AIM listing since 2018.
Shares in oil firms tumble with fall in prices
Royal Dutch Shell “A” and “B” shares closed down 35.9p at £9.28 and 32.9p at 907.3p respectively yesterday as investors watched oil prices continue to fall – a day after the company announced 9,000 jobs will be cut.
BP shares drop to 25-year low a week after unveiling climate strategy
Just a week after revealing its plan to turn itself into a clean-energy giant, BP watched its share price drop to a 25-year low.
Understanding how crude oil and currency prices are connected
Oil, as the world's most heavily-traded natural resource and the bedrock foundation of some of the planet's largest economies, has always had a strong impact on virtually every area of economics and finance. The global oil trade is estimated to be worth something in the region of around $4 trillion a year in revenues, or about 3.8% of global GDP.
Oil steady with US-China tension offset by signs virus easing
Oil was steady after a weekly gain as investors weighed worsening relations between Washington and Beijing and the prospect of more supply against a weakening dollar and signs the virus is easing in the U.S.
The oil market continues its cautious rally but more uncertainty lies ahead
For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved. Demand fell to 78mmbpd and Saudi Arabia pumped an additional 1.6mmbpd, driving Brent down to under $10/bbl on April 21st and briefly pushing the WTI futures contract into negative territory.
88 Energy Prepare for a Farm out on Billion Barrel Plus Alaskan Project
Alaska’s North Slope basin has a long history of successful oil discoveries — recent discoveries have included the two largest conventional oil discoveries onshore North America in over 40 years.
FTSE nudges up, Brent crude nears $45
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Oil heads for weekly decline as new virus cases surge
Oil in New York is heading for a weekly decline as surging coronavirus cases raised fresh concerns about demand, while the market is continuing to grapple with ample supply.
FTSE 100 dragged lower by Rolls-Royce, National Grid and BP
London’s blue-chip FTSE 100 Index fell 106.54 points, or 1.73%, to 6,049.62 as Covid-19 continued to weigh heavily on the world’s leading financial markets today.
Oil stuck below $41 as concern over growing coronavirus cases linger
Oil was anchored near $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections.
FTSE 100 falters amid subdued sentiment in London
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
Oil edges lower as US gasoline stockpiles forecast to increase
Oil edged lower toward $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended.
Oil stuck near $43 with market weighing supply against virus
Oil in London was anchored near $43 a barrel as investors weighed tightening crude supplies and robust U.S. economic data against surging coronavirus infections.
Shell decision to slash assets by £18bn provokes FTSE tumble
Investors in oil giant Shell sent the FTSE 100 tumbling on Tuesday as London's top index lagged far behind many of its global counterparts.
Covid spike in US threatens oil’s remarkable price rally
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Lockdown relaxation boost for FTSE
Another relaxation of lockdown rules in some parts of the UK delivered a boost to the FTSE 100 today.
The big oil turnaround: From negative prices to a bull market
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil to resume weekly gains with demand recovery on track
Oil was poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns, despite many countries still struggling to bring the coronavirus under control.
Slight gain for FTSE despite weak inflation
Top London stocks shrugged off weak UK inflation and a fresh outbreak of Covid-19 in China to notch up a slight gain today.
Oil retreats with China outbreak threatening demand bright spot
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.
Markets buoyed by ‘Trump bounce’
Markets enjoyed a “Trump bounce” today amid talk of a trillion dollar (£780 billion) infrastructure package in the US.
Oil continues decline as fears over second coronavirus wave persist
Oil resumed declines as fears a second coronavirus wave could threaten a recovery in demand outweighed further output cuts from major producers and more Federal Reserve support for the U.S. economy.
Oil continues to fall due to fears of second Covid-19 wave
Oil kept falling after its first weekly drop since late April as a fresh coronavirus outbreak in China and increases in cases elsewhere added to concern a second wave of infections will threaten a nascent economic recovery.